The new spinoff, which branches from the 1997 science fiction comedy film made famous by leading actors Will Smith and Tommy Lee Jones and generated two successful sequels, will be fronted by Sony.

Walter F. Parkes and Laurie MacDonald, who have been involved in every of the Men in Black franchise, will also reprise their roles as producers in the upcoming revival. Matt Holloway and Art Marcum are named to scribe the revival, which will is being helmed by filmmaker F. Gary Gary.

Thompson and Hemsworth (whose deal is still pending, but expected to close) — who battled beside each other in 2017's blockbuster Thor: Ragnarok as Valkyrie and Thor — will be a part of a larger ensemble cast of new characters in the franchise's latest installment. It will be the first time in which a Men in Black movie will stray from its signature dynamic duo structure, as popularized by Smith and Jones' Agents K and J.

Carrying on their legacy as co-stars, both 34-year-old actors will find themselves on the big-screen together once more in this year's Avengers: Infinity War, which hits theaters on April 23.